FAFSA

Ring in the New Year with a New FAFSA

Simplified FAFSA Form Finally Available

It’s an annual ritual. College students and their parents fill out the Free Application for Federal Student Aid (FAFSA) form. Traditionally, it opens October 1, but after a significant delay, this year we are ringing in the new year with a new FAFSA form hailed as simpler with fewer questions.

Completing and submitting the FAFSA form is free and gives eligible students access to the largest source of college financial aid, including free grant aid, work study eligibility, and student loans.

What is the FAFSA?

The FAFSA helps colleges determine a student’s eligibility for federal student aid, which colleges then insert into the student’s overall financial aid package.

What changed on the FAFSA and why?

“Congressional legislation mandated changes to the FAFSA with the goal of simplifying the application,” said Tim Sechrist, McMurry University director of financial aid. Changes include:

• Fewer Questions: The old form had over 100 questions. Most students now will complete significantly fewer questions, usually within an hour.
• Tax Information Transfer: Simply by providing consent, students and parents can electronically transfer federal tax information from the IRS directly to the FAFSA. No more digging for tax returns!
• “Contributors”: This new terminology applies to students, parents, and spouses. Each contributor signs the form.
• Pell Grant Eligibility: Now calculated differently, more students are eligible for the Pell Grant.
  “Current students should expect aid other than Pell Grants to remain similar to previous years even if Pell Grant amounts change. It’s possible a few students could see reductions in eligibility,” said Sechrist.
• Value of Business or Small Family Farm: Previously excluded, families must now report its value, which could impact eligibility.
  “Parents should talk to their financial planner to help determine the value,” Sechrist advised.
• “Sibling Discount”: There is no longer a break for having multiple students in college at the same time.
• Status: Forms can be sent to up to 20 institutions and more details about its status can be viewed.

How does this affect timing for FAFSA submission and award letters?

With the three-month delay of the new form’s availability, students, especially incoming freshmen, are urged to complete the form quickly to give them the best opportunity for the most eligible financial aid as determined by their eligibility. McMurry’s financial aid office will reach out to students who need additional documentation for information verification.

Patience and grace are virtues and will be needed as institutions are challenged by receiving FAFSA information much later than usual, evaluating and verifying the typical amount of student aid packages in a much shorter time, learning how the changes affect aid, and awaiting development of updated software used to process applications.

“We anticipate sending award letters in mid-to-late February, as colleges will receive information from FAFSA in late January. We will send student aid packages as soon as FAFSA information is received and we can verify eligibility for aid,” commented Sechrist. “However, Admissions is already sending merit scholarships to incoming students.”

Do returning students need to complete the new form?

All students should complete the new form. Returning student forms have prefilled information to review and update.

Any pro tips?

• Be aware that U.S. Department of Education implemented a soft launch of the new FAFSA website, which can mean pauses for maintenance and updates.
• Each contributor now must have their own username and password to access the form. Link here to create an account.
• Complete the form online for faster processing.
• Several sources can help you find answers to your FAFSA questions:
• FAFSA’s YouTube channel: How-to videos
• U.S. Department of Education: Student Aid.gov (chat function available):
• McMurry’s financial aid office: FinancialAid@mcm.edu, 325-793-4713